Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 26
2024-11-26
Copper: The spot copper price in Foshan market fluctuated slightly today, and the cautious mood in the market warmed up. Trump bludgeoned tariffs, falsely claimed that he would impose an additional 10% tariff on China goods, and under the pressure of strengthening the US dollar index again, LME copper once fell below the $9,000 mark again, and the main contract of SHFE copper fell below 74,000 yuan. At present, domestic copper manufacturers are still mainly purchasing on demand, and the wait-and-see mood is relatively strong. Traders said that it is still necessary to continue to pay attention to the pressure brought by the Trump effect on the market in the short term. With the deepening of the fourth quarter, the liquidity of funds is expected to be further tightened, and the pressure of repaying loans will further shrink the purchasing power of the market. In addition, the safety of funds has gradually risen to a key position, and the enterprises will mainly withdraw funds and chase the final payment, which may limit transactions.
Aluminum: Today, the aluminum price in Foshan market has not changed much, and the short-term aluminum price is weak and volatile, and the direction is still unclear. Rusal announced that it would cut production by 6% to support the aluminum price. At present, the operating capacity of domestic electrolytic aluminum refineries has not changed much, the aluminum ingot library continues to decline and the high cost support, and SHFE aluminum oscillates. At the end of the fourth quarter, merchants mainly withdraw funds and chase the final payment.
Zinc: Today, the price of zinc in Foshan market continues to strengthen, and traders are generally active in shipping. In view of the current cautious performance of downstream zinc manufacturers, the supply and demand sides of the market are relatively deadlocked, with few market transactions and average overall transactions. At present, the social stock of zinc ingots in China has stopped accumulating, and the turning point of stock removal is obvious, which supports the rally of zinc prices.
Stainless Steel: The supporting force of raw material cost is weakened, the center of gravity of stainless steel moves down, and the futures market drops downward. Large steel mills in South China drastically lowered the purchase price of 304 molten steel by 400 to 9,200 yuan/ton. The news was like a nuclear explosion to the scrap market, and confidence in the industry collapsed. Merchants in recycling sites basically followed the situation and received goods at a lower price, and the transaction of low-priced resources stagnated. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market has not changed much, and the short-term aluminum price is weak and volatile, and the direction is still unclear. Rusal announced that it would cut production by 6% to support the aluminum price. At present, the operating capacity of domestic electrolytic aluminum refineries has not changed much, the aluminum ingot library continues to decline and the high cost support, and SHFE aluminum oscillates. At the end of the fourth quarter, merchants mainly withdraw funds and chase the final payment.
Zinc: Today, the price of zinc in Foshan market continues to strengthen, and traders are generally active in shipping. In view of the current cautious performance of downstream zinc manufacturers, the supply and demand sides of the market are relatively deadlocked, with few market transactions and average overall transactions. At present, the social stock of zinc ingots in China has stopped accumulating, and the turning point of stock removal is obvious, which supports the rally of zinc prices.
Stainless Steel: The supporting force of raw material cost is weakened, the center of gravity of stainless steel moves down, and the futures market drops downward. Large steel mills in South China drastically lowered the purchase price of 304 molten steel by 400 to 9,200 yuan/ton. The news was like a nuclear explosion to the scrap market, and confidence in the industry collapsed. Merchants in recycling sites basically followed the situation and received goods at a lower price, and the transaction of low-priced resources stagnated. (Analyzed by LTIT)
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